FxWirePro- Crude Oil Daily Outlook

Crude oil-

WTI crude oil trades above $81 on increasing demand. It hit a high of $81.86 yesterday and is currently trading at $81.39

Analysts predicted an oil deficit of 1.5 million barrels per day due to OPEC production cuts and US summer demand.

Markets eye US Personal Consumption Expenditure (PCE) for further movement.

Major factors for crude oil price movement-

US dollar index (Bullish)- Negative for Crude.

Major resistance - 106/107.

Major support- 104/103.

Geopolitical tension- Escalation of tension between Israel and Gaza ( positive for crude).

Ichimoku analysis (4- hour chart)

Tenken-Sen- $81.17

Kijun-Sen- $81.03

The immediate resistance is around $82. Any jump above the target of $83/$83.50. On the lower side, near-term support is around $80.40. Any breach below will drag the commodity down to $80/$79/ $78.25/$77.60/$76.87/$76/$75.

It is good to buy on dips around $80.70-75 with SL around $79.35 for a TP of $83.